This is what I see in the Forex starting the week of Dec 20th – an OPINION ONLY:
I do these three currency pairs because they represent a cross section of the market as a whole – all matching up to possible opportunities on Wild Card, 6 Aces and Royal Flushes (Trending and Elliott Wave) and they represent correlating other currencies.
This way whatever trader you are you have an idea of what the possibilities might be.
REMEMBER: THIS IS BIG PICTURE ONLY – NOT INTRADAY! Please NOTE!!!! This is an opinion only!
The Australian Dollar remains the strongest of the major currencies against the US Dollar. That’s because commodity prices have held upward or steady as China and Asia on the whole have continued buying Australia’s natural resources to fuel their growth. Some, including Gartmen, believe the solid economic numbers coming out of China are bogus. And that their economy is not as rosy as the People’s Republic would like one to buy into. So, while we think long term, Australia’s currency will further appreciate, that it’s better to stand aside, watch the market for commodities closely and when / if the market start to re-inflate prices, then buy the AudUsd and hold for a longer term run up. Currently, commodity prices, including oil, are stable to lower. I see them rising very M This is what I see in the Forex starting the week of Dec 20th – an OPINION ONLY:
MERRY CHRISTMAS EVERYONE!
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WHAT I SEE: The EURUSD still marching south. The current pullback should lead to further downside movement to 1.4000 and maybe all the way to 1.3802. Will look to see on any rallies – especially bear flags.
WHAT I SEE: – The USDJPY corrected to the .500 fibo and since has bounced almost to the R5 target at 91.14. Look for a pullback there and then continuation to the 92.39 area ( fibo extension) .
EURJPY – ALWAYS MY PREFERRED TRADE!!!!!
WHAT I SEE: – The EJ is now in a channel and as long as it stays in this channel looking for a farily choppy ride. A break of the channels north will find lots of consolidation in the 130.84 area and not a lot of free space until we get above the previous high at 131.61. We are taking shorts in the channel back to the S5.
EXTREME CAUTION IS URGED – TRADE WITH STOPS!!!!!
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IMPORTANT NOTICE: These comments are for information purposes only. The information contained on this document does not constitute a solicitation to buy or sell by ProAct Traders, LLC., and/or its affiliates, and is not to be available to individuals in a jurisdiction where such availability would be contrary to local regulation or law. Opinions, market data, and recommendations are subject to change at any time. Forex trading involves substantial risk of loss and is not suitable for all investors. This is an opinion ONLY – and not a trade call, but a study that may lead you to a trade. I do not know whether this will transpire or not so use your own judgment.